Without a trace
A few skeletons are likely to tumble out of the cupboard with the end of the country's regional stock exchanges - among other things, in the form of what could be the largest-ever case of corporate disappearances in India.
A Business Standard analysis of corporate affairs ministry records and data from eleven regional exchanges reveals around 700 listed companies have likely vanished, without a trace of these entities at their registered addresses - many times more than the 87 currently identified as 'vanishing companies' in official records.
The exchanges, too, have received no correspondence from these companies for a long time. According to investor association estimates, the total value of the 'vanishing companies' could be in excess of Rs 29,000 crore.
'Vanishing companies' are those listed entities that have raised money from investors through initial public offerings and then disappeared.
The corporate affairs ministry's coordination and monitoring committee (CMC), which has representatives from the government, the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India, has been monitoring the situation.
Text: Sachin P Mampatta, Business Standard
Image courtesy: PTI